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Mortgage Broker News | 07 Sep 2016, 08:15 AM Agree 0
Hamilton-based broker was suspended late last year over what provincial regulators called a “pattern of manipulation and exploitation” of his clients
  • Puzzled | 07 Sep 2016, 11:24 AM Agree 0
    How does stuff like this happen? FSCO should go out of their way to impose that harshest penalties to serve as notice to other agents that don't have the correct values for this industry or for this country.
  • No Teeth | 08 Sep 2016, 12:49 PM Agree 0
    FSCO, and other regulators, have no teeth.

    The blame also goes to the reporting process and fear of repercussions. I personally know of one large producing broker who has been caught red handed misrepresenting a large percentage of applications lenders, but not reported due to this fear, lack of anonymity and not wanting to be that 'guy' reporting a well known broker.

    My thoughts: There should be channels for lenders and insurers to submit complaints that would lead to in-depth audits of suspect brokers and brokerages.
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